S&P 500, Nasdaq notch record highs with inflation data, earnings in focus
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window
Boeing rises after plea deal in 737 MAX probe
Powell Congressional testimony on Tuesday and Wednesday
Indexes up: Dow 0.70%, S&P 0.24%, Nasdaq 0.12%
Updated at 9:48 a.m. ET
By Lisa Pauline Mattackal and Ankika Biswas
July 8 (Reuters) - The Nasdaq and the S&P 500 hit record highs on Monday, while the Dow scaled a more than one-month high as investors awaited a key inflation report, Congressional testimony from Federal Reserve Chair Jerome Powell and the start of earnings season this week.
Expectations for interest-rate cuts as early as September received a boost after Friday's nonfarm payrolls report showed U.S. job growth slowed in June, the latest data to point to weakness in labor market conditions.
Investors, however, will seek aclearer picture of the Fed's likely monetary policy trajectory forthe rest of the year.
Traders now see a 74% chanceof a 25-basis-point cut in September, up from last week's 60%, while expecting an overall reduction of about 50 bps for the year, according to CME's FedWatch and LSEG data.
On the economicfront, this week'sconsumer and producer priceindex data will be closely watched to gauge whether price pressures are easing.
"The fact of the matter is the Fed has a dual mandate and their mandate is employment and inflation. Inflation is going down and unemployment is going up," said Thomas Hayes, chairman at Great Hill Capital LLC.
"They now have cover to make a cut when they want to and signs point toward September."
The S&P 500 and the Nasdaqclosed at all-time highs as megacap tech stocks such as Meta Platforms META.O and Microsoft MSFT.O touched record peaks.
However, megacaps including Alphabet GOOGL.O, Amazon.com AMZN.O and Meta Platforms META.O shed between 0.4% and 1.3%. Tesla TSLA.O fell 2.4% after jumping to its highest level this year on Friday.
Chip stocks Nvidia NVDA.O, Intel INTC.O, Marvell Technology MRVL.O, Advanced Micro Devices AMD.O and Qualcomm QCOM.O jumped between 1% and 5%, helping the Philadelphia SE Semiconductor Index .SOX gain 2%.
Major banks including Citigroup C.N, JPMorgan Chase JPM.N and Wells Fargo WFC.N are slated to kickoff the second-quarter earnings season on Friday. Their shares rose nearly 1% each on the day.
While the S&P 500 Financial Index .SPSY was the top sectoral gainer, Communication Services .SPLRCL was the biggest laggard.
The small-cap Russell 2000 .RUT gained nearly 1%.
Investors are focusing on earnings to see if a stratospheric jump in a handful of megacap stocks such as Nvidia can justify their pricey valuations.
Markets will also watch Powell's semi-annual testimony before U.S. Senateand House committees onJuly 9 and 10 closely, aswell as commentary from several other Fed officials through the week.
At 9:48 a.m. ET, the Dow Jones Industrial Average .DJI was up 276.53 points, or 0.70%, at 39,652.40, the S&P 500 .SPX was up 13.11 points, or 0.24%, at 5,580.30, and the Nasdaq Composite .IXIC was up 21.41 points, or 0.12%, at 18,374.17.
Paramount Global PARA.O reversed its premarket course and fell2.3% after Sunday's announcementof a merger with Skydance Media.
Planemaker Boeing BA.N gained 2.3% after agreeingto plead guilty to a criminalfraud conspiracy chargeand pay a fine of $243.6 million to resolve a U.S. Justice Department investigation into two fatal737 MAX crashes.
Advancing issues outnumbered decliners by a 2.10-to-1 ratio on the NYSE, andby a 2.10-to-1 ratio on the Nasdaq.
The S&P index recorded 17 new 52-week highs and onenew low, while the Nasdaq recorded 48 new highs and 36 new lows.
Reporting by Lisa Mattackal and Ankika Biswas in Bengaluru; Editing by Anil D'Silva and Pooja Desai
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
